KUWAIT, Oct 29 (KUNA) -- The Board of Directors of the Federation of Gulf Chambers discussed during its 67th meeting, held on Wednesday at the headquarters of the Kuwait Chamber of Commerce and Industry (KCCI), the Gulf Guarantee Project and the estimated annual budget for 2026, in addition to launching the new logo of the Federation's General Secretariat.
The KCCI said in a press statement that the meeting was followed by the 14th periodic consultative meeting between the Ministers of Commerce and Industry and the chairpersons of chambers and federations from GCC member states.
The Chamber explained that the Gulf Guarantee Project is a document designed to facilitate the movement of goods in transit, allowing them to enter through the first entry point in any GCC state and pass through one or more other member states, with customs clearance completed only at the final destination in accordance with the approved GCC transit mechanism. This process eliminates the need to submit documents or pay taxes, fees, or other customs procedures during transit.
The statement added that the participants also discussed the items on the meeting's agenda, including the membership and working mechanisms of sectoral committees, emphasizing that the meeting comes as part of the ongoing GCC cooperation efforts toward a new phase of economic integration based on innovation, digital transformation, and resource sustainability amid the rapid global changes.
It further noted that GCC countries are witnessing qualitative transformations in diversifying their economies, enhancing food and energy security, and developing national human resources in line with a global wave driven by artificial intelligence and the knowledge economy, adding that what unites us here is our deep belief in the unity of purpose and destiny, and that the success of any member state is a success for all, and that our economic integration is the true guarantee for the sustainability of our prosperity and stability. (end) fnk.onm